"Following the Mr. Cooper acquisition, we carefully reviewed our combined structure, identified overlapping roles and made the difficult decision to streamline teams, the company said in a statement to HousingWire. Rocket closed the $14.2 billion acquisition in early October about 51% higher than the valuation announced in March after completing all necessary approvals. Jay Bray became the president and CEO of subsidiary Rocket Mortgage."
"As of December 2024, Mr. Cooper employed roughly 7,900 workers across the U.S. and India, while Rocket had about 14,200 team members, according to filings with the Securities and Exchange Commission (SEC). The company has since added Redfin with its $1.75 billion all-stock acquisition of the real estate brokerage and implemented a 2% layoff in July to achieve synergies. According to the company, these decisions of reducing workforce weren't made lightly,"
Rocket completed a $14.2 billion acquisition of Mr. Cooper in early October and appointed Jay Bray as president and CEO of Rocket Mortgage. As of December 2024, Mr. Cooper employed roughly 7,900 workers while Rocket had about 14,200 team members across the U.S. and India. The company added Redfin via a $1.75 billion all-stock deal and implemented a 2% layoff in July to realize synergies and streamline overlapping roles. Some affected positions included recruiting and business program management, and some impacted employees had more than five years of tenure. Affected staff receive 12 weeks' pay plus one additional week per year of service, benefits for up to 12 months, and career coaching and job-search assistance.
Read at www.housingwire.com
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